Build Your Target Account List
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This document discusses building a target account list for Account-Based Marketing (ABM). It recommends establishing an ABM leadership team to develop the initial list using account identification technology and sales input. The list should be approved by leadership and verified with sales. The goals, management, and segmentation of the list are also covered. Key takeaways are to start simple, prove the model works, and iteratively review and revise the list over time.
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Build Your Target Account List
- 1. BUILDING YOUR TARGET ACCOUNT LIST HIGH PERFORMANCE ABM Chris Bondhus Senior Director, Demand Gen | Brightcove Phil Hollrah VP, Product Marketing | Demandbase
- 2. FRI Metrics, Measurements and KPIs Keys to Sales & Marketing Alignment SuccessTUES WED THURS Building Your Target Account List ABM Across the Funnel MON ABM Fundamentals @Demandbase #ABMwebseries HIGH PERFORMANCE ABM WEBINAR SERIES EVERYDAY 10 AM PT
- 3. © 2016 Copyright Demandbase PHIL HOLLRAH VP, Product Marketing Demandbase @philhollrah CHRIS BONDHUS Senior Director, Demand Gen Brightcove @Cbondhus TODAY’S PRESENTERS
- 4. Brightcove = Video for Marketers Video on website Social Video Video portals & microsites Live streaming Video integration CMS, MAP & CRM
- 5. • THE BASICS • DEVELOPING THE LIST • MANAGE THE LIST • KEY TAKEAWAYS AGENDA
- 6. THE BASICS
- 7. © 2016 Copyright Demandbase Marketing OperationsSales Senior Leaders in… BUILD YOUR ABM LEADERSHIP TEAM
- 8. © 2016 Copyright Demandbase Staff to New ABM Focus Communicate Objectives Reset Expectations Ensure Compliance Collaborate Regularly Reinforce the Target Account List ABM LEADERSHIP TEAM: RESPONSIBILITIES
- 9. © 2016 Copyright Demandbase ROLE OF THE LIST These are the companies that are most likely to buy from you, due to characteristics that set them up for success. Shares Focus Aligns Resources Facilitates Compliance Role of the List:
- 10. © 2016 Copyright Demandbase GOALS Set a baseline of prior year measurement of the same business objectives Look Back To Move Forward
- 12. © 2016 Copyright Demandbase OVERVIEW OF THE PROCESS Secure Agreement from ABM Leadership Team Verify & Iterate with field sales Update at regular intervals Build an initial list 4321 It’s a Collaborative Process
- 13. © 2016 Copyright Demandbase WHERE TO START Establish who owns the list Department, owner, communications
- 14. © 2016 Copyright Demandbase BUILD AN INITIAL LIST 4 Use account identification technology to determine the high-value accounts most likely to buy and best individuals within those accounts WAYS TO APPROACH THE PROCESS Evaluate your current customer base to create a lookalike model 1 2 3 Leverage your list of named accounts, which include verticals and strategic accounts Use data to generate a list of companies, and then have a discussion with your sales team to determine a set of target accounts
- 15. © 2016 Copyright Demandbase SECURE AGREEMENT ABM Leadership Team Approval of the List
- 16. © 2016 Copyright Demandbase VERIFY AND ITERATE Toss it back to sales team • Bring knowledge of the territory • Disqualify, force account on the list
- 17. © 2016 Copyright Demandbase UPDATE Territory Changes, New Reps, Buy In/Education At all Scales Once a year shift in business model, new set of business to influence the model MINOR MAJOR
- 18. © 2016 Copyright Demandbase Implications for MAS & CRM Lead Routing, Scoring, Maintaining/Auditing the List, Reporting Alignment is Key MARKETING-SALES-OPERATIONS
- 19. © 2016 Copyright Demandbase WHAT WILL AFFECT YOUR PROCESS/LIST CONSIDERATIONS Sales Cycle/length, Average Deal Size, Size of your Sales Team • Think about total addressable market • Target the highest propensity to buy
- 20. © 2016 Copyright Demandbase Understand that only a portion of your revenue will come from this list - it may be a majority or minority depending on your business model
- 21. MANAGE YOUR LIST
- 22. © 2016 Copyright Demandbase SEGMENT YOUR TARGET ACCOUNT LIST Segments you select must have discrete business objectives that marketing can build programs to support
- 23. © 2016 Copyright Demandbase MEASURE 1 2 3 Select focus areas Identify what is working Set a baseline
- 24. © 2016 Copyright Demandbase MAINTAIN THE LIST OVER TIME Pitfalls: Lack of audit, stuffing the list • Short attention span • Reinforce with the team?
- 25. KEY TAKEAWAYS
- 26. © 2016 Copyright Demandbase KEY TAKEAWAYS • Start with Your Business Objectives • Start Simple • Prove the Model • Review, Revise & Expand Over Time • It is an Iterative Process
- 27. Q&A
Notes de l'éditeur
- Hello everyone and welcome to today’s webinar Building Your Target Account List, the third day of our week-long High Performance ABM webinar series. My name is Phil Hollrah, VP of Product Marketing here at Demandbase, and I am joined today by Chris Bondhus, Sr. Director of Demand Generation at Brightcove.
- As you may know, this week, we have been talking about all things ABM, covering everything from fundamentals to how to measure the success of your campaigns. And there is still time to register for the rest of the week’s webinars so you can be sure to get all of the content. You can also follow along with us on Twitter at @Demandbase and join the conversation using the hashtag #ABMwebseries. So before we get started a few housekeeping items. All phone lines will be muted during this session, but if you have a question… We will have a Q&A session at the end of the presentation, so be sure to submit your questions in the Q&A tab on the left-hand side of the webinar console. We often don’t have time to address all questions, so we will follow up after the session if we don’t get to you. We are recording this webinar, so the on-demand version and slides will be sent to you next week along with links to access the content from other sessions.
- With that, I’d like to introduce myself… As I mentioned I head up Product Marketing at Demandbase. Demandbase provides B2B companies with Advertising, Marketing, Sales and Analytics solutions so that they can execute on a full, end to end ABM Strategy. Serving both Mid Market and Enterprise companies globally. [Chris will introduce himself] Chris Bondhus, Senior Director, Demand Generation, He has over 15 years of experience creating and executing marketing plans and aligning brand, product, and sales strategy to revenue objectives. Chris has designed, launched, and marketed dozens of SaaS, mobile, or cloud products for major brands including Monster.com, Carbonite, and now Brightcove. Chris incorporates demand gen expertise with analytics to attract prospects and convert them at each step of the buyer’s journey. Thank you Chris, for joining us today. Now let’s get into the content.
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- Chris and I are going to take a deep dive into how to build a target account list that will really serve as the foundation of your Account-Based Marketing strategy. We’ll go over a few basics, then talk about how to develop your first pass at a target account list, verify that list, and adjust it as the needs of your business and your target audiences change.
- So first let’s talk about how to get this whole process started.
- First and foremost, you want to involve the right stakeholders. Before you can build your list, you need to align three specific groups, including Sales, Marketing and Operations. Sometimes also see finance included here. NEED TO ADD IN THE DIFFERENT GROUPS.
- Those are the groups of people; now let’s talk about these shared responsibilities It starts with Staffing to new ABM focus (both sales and marketing): A great example of an are you may need to consider if you don’t have already is Marketing Ops – their role would be focused on evaluating the right technologies needed to setting up the right reporting and metrics to evaluate progress and success. You need to make sure objectives are clear and communicated. And this isn’t a one time thing, it’s ongoing as you add goals and objectives. Reset expectations: You aren’t going to generate as many leads as a typical demand gen program. But your are going to generate more quality leads. But you need to make sure this is known ahead of time so panic doesn’t ensue. Ensuring compliance is focusing on making sure that sales is prioritizing leads from target accounts and in a timely fashion. Collaborate often. Bring these teams together so that you don’t end up working in silos. Analyzing results and focusing on what is working as well as what needs improvement. And finally, reinforcing the mutually agreed upon target account list so that teams understand and are bought in… [Chris will talk about monthly stakeholder meeting] Compliance and sales alignment: they adapted their sales process – ABM AND inbound Impact on event planning: highlight and target ABM acconts from the start to drive strategy
- Your target account list isn’t just the final output of the companies you want to target. It also serves a role for your ongoing focus. 1. It provides a s Shared focus: aligning the organization around a set list of accounts 2. It Aligns resources: providing and easier path to make decisions when you see it through the lens of how it impacts your target accounts, rather than the broader market And finally it facilitates compliance: creating a system in which your sales team is going to WANT to follow up on inquiries because they are coming from accounts they have already agreed are valuable
- So let’s talk about Goals. Why are you executing an ABM strategy? What is your key pain points and challenges and why are you doing this… Starting with clear objectives and understanding where you are now is critical. You need to think about where you are heading based on where you are now. In our case when we first started with ABM, we started with a clearly defined objective of increasing conversion rates so that we could meet growing revenue goals without having to increase our MQL number by the same factor. So we looked back over a few quarters to develop a baseline that included seasonality so we could understand if we were moving the needle after we implemented ABM. You may have more than one objective or goal, as we do now, but clearly defining them so you can measure is key. Chris – what kinds of baselines did you set? ABM isn’t just for acquiring new business; also for expanding key accounts. What additional opportunities might you get from existing customers?
- So let’s move into how to get started with developing a target account list.
- So this is a high level process, but it is a collaborative one. The first part is the actual process of building the list and working across both marketing and sales to generate it. From there when building a list I want you to think about how to make sure that your sales organization is comfortable with the process for building the list and there is agreement from both groups. From there you want to iterate on the list with Sales. Making sure they have the opportunity to add their input. They may want to add some accounts and disqualify some as well. The last and potentially most important step is updating the list at regular intervals. This is a living list and you are looking at it in regular intervals. Could be quarterly for individual territories; annual where you do deep dives andyou evaluate the model on how the list is generated. In any case, keep the discussion going between sales and marketing. Chris: once you set up this list, you get additional intelligence about web activity; you can leverage that data to modify that list…
- There is a best practice that I want to point out. Establish a single owner (even a single person) who is responsible for that list. They aren’t neccesarily the final decision maker, but they know everything about how the list is created, when it’s updated and making sure collaboration is taking place. For us, that is Marketing Operations. They are in charge of communicating what is going on with the list and knowing details on creation and updates, as well as hyper focus for a given quarter. They also manage the metrics and performance metrics on that list. This could be a different group of person depending on your organization, but for us it falls under Marketing Ops. For Chris, that is actually Demand Gen team.
- There are many different ways to build your initial list. I want to make sure when you are looking at this that you understand that these aren’t four steps, but rather four options to consider. You can create your list based off of current customers. Finding more companies that look like or have similar characteristics of your current customer base. You can leverage a list of named accounts or a specific vertical. You may have products that resonate with the Financial Services industry. Or have an existing list of strategic and named accounts you want to focus on. You can use predictive data to generate a list and determine the set of target accounts. This has been a popular place for many companies to start and what we employed at Demandbase when we first got started with ABM. You can also use account identification technology to find out who is in market now. Narrowing your focus to find the companies that are showing intent and buying signals right now. Chris has gone through three list iterations and each time it’s gotten better. First time, sales took the lead (wouldn’t recommend). Second time, Marketing had more input and filtering input (Technology platform, industry, demographic info). Third list now incorporates activity data from Demandbase, which bumps up priority of individual accounts. Depending on who pulls the list, you can end up with a list that is too rigid based on criteria – need to still incorporate that instinctual feel from sales etc. Blend human intuitition/reasoning with quantitative metrics.
- Once you have a draft list, how do you make sure teams are bought in, and that the right information is disseminated amongst their team. NEED MORE HERE.
- OK, so you’ve built your initial list and secured agreement. It doesn’t stop there. Now it’s time to obtain verification from sales and allow them to have input on the list. Sales is going to be a group with a lot of input. You want to enable them to include accounts that may not have made it; and exclude accounts that won’t be able to buy. They are going to have experience and knowledge of their territories and you need to take that into account. Remember, you are teaming up with sales like you never have before. With individual reps, their level of engagement is dependent on them. Some will need a lot of guidance; they will want to change a lot, but you want to instill in them a trust in the system. You will have some reps that are bought in right away, and some that need a kick in the pants to get involved. It’s all about that back and forth with sales and marketing so that you can iterate to get the best result. Chris: preach patience. This will take time. On the flip side, some reps will want to hold on to an account for too long…
- So you’ve made it this far. You built your list. You have agreement. You’ve collaborated with Sales to adjust the list. But it doesn’t stop here. Your list is a living document. It should and will change continuously. This gets into why you update, and how often. It really will depend on your business objectives and how your business operates. You can think about it in two ways: Minor updates: monthly or more likely quarterly changes. Things like territory changes or bringing in new reps, or changes in your products/offerings or new product launches. You’ll also have Major updates to your list: these can be really big things that impact your business – you might have a new round of funding, a new C-level executive, a major change in the market that is impacting your business. The big takeaway is that it is ok to change your list, and you should be changing/updating it. You will never have a perfect list, but it will get better as you adjust it. Chris: be opportunistic. They have looked at list and tweaked it based on opportunities available in new verticals/sectors. There is a specific vertical with companies that have multiple business units; what we have learned is that after we get into the main business sector, we’ve seen success with expansion. You may start seeing areas where you start seeing success; take advantage of that!
- Let’s talk about technology for a minute. Your list is going to impact that as well. Your target account list is going to have implications across your Marketing Automation System, as well as your CRM. Think of this as your first line of communication internally: how you actually mark (and act on) your target accounts. Things like Lead Routing: which sets of sales reps are responsible for follow-up, and what takes priority? Scoring: factor target accounts into your scoring – with target accounts geting a bump Maintaining/Auditing your list: you want to segment your target accounts in MAS; and report on them in your CRM system Reporting: validate the list – are targets performing better than non-targets? What types of metrics are you know using that are different? Chris: MAS – can build out automated nurture programs for these lists because they can be cold. You need MAS tied in closely with ABM strategy Chris: Salesforce dashboards for each Sales Director: 6-8 different data points (which accounts are getting advertising, which accounts are getting additional traffic over the past month) – useful for Sales Director and Sales Development Reps – this is how they start their day
- So what are some of the things that are going to affect your list and process? It’s Rare to come out of the gate with a list totally ready to go. Start with thinking about your total addressable market (B2C vs. B2B). There are limitations on the number of businesses that we can sell to. Within those, which are actually ready to buy NOW…when you look at your sales cycle, your average deal size, and the size of your sales team (how many mouths do you have to feed), this will have an impact on what you are doing. These things will also impact the total size of your list. When Demandbase started, we had 1,500. But as we became more sophisticated, had continued growth and expanded our Sales org we expanded to 3,000. It’s also because we expanded our list from starting with prospects only, to now including partners and customers. Chris: Demandbase has been doing this for years now; Brightcove has been doing it for 5 months. Our goal wasn’t to boil the ocean so we’ve been selective and started wit a few hundred. We are working to understand the process and work with stakeholders to get buy-in. 150 accounts per rep, and 100 of them are new prospects, 50 are existing customers (ABM can be used for net new as well as expansion)
- So a big question that I hear from companies considering ABM is “As I move into ABM focus, does all my revenue come from this list?” The answer is No! Don’t want to confuse people here. Even though you have a target account list and focusing on it, you will still have inbound activities from companies outside your target account list. What you do want to understand is what it looks like today: how many leads do you have coming in today from your target account list and how is that changing? It’s really going to depend on your business, your business model and where you are on your ABM journey. Chris: evolution from inbound to ABM. The important part is looking at 6 months or a year from now. How do you prepare yourself for a system that is more ABM than inbound? The ratio is switching even though inbound will never go away.
- OK – we’re entering the last section to cover today. Managing your list.
- Once you build the target account list, you will want to look at ways to segment that list. This is where you can start to get much more sophisticated. You can see there are many ways to look at it, and how you look at your segmenting will be driven heavily by your business objectives. As I mentioned earlier, we we first started we were focused exclusively on Prospects. From there there are many ways to segment this audience even further. You might start with a specific industry or industries like Healthcare or Business Services. Or you may have a specific product you want to focus on. Or a specific geography. There are many ways to segment and focus your attention. You can also break this up to include Prospect and Customers as we do now. For example an audience of customer you want to Upsell into another product line. It is easy to get too complicated early so start simply, prove out the model and then add more sophistication to it. Chris: competitive takeaways as an example. Which accounts do your competitors have…
- Now what is a Marketing webinar without a little measurement? We spoke early in the presentation about setting a baseline so you could measure results. So let’s dig into that a little bit more. It starts with your focus areas – your objective or objectives. What do you want to accomplish? For us when we started it was focused on conversion rates. That has expanded for us now to include increases in average deal size, pipeline velocity and customer retention rates. From there we established baselines so we could understand performance so we could amplify the things that were working and improve or course correct those that weren’t. There are many different analytics solutions to help you do this. We use Performance Manager that allows us to understand how are programs are working across the funnel, across specific programs, for different territories and audience segments – all focused on our target account list. Chris: two types of measurement – direct measurement e.g. How many clicks were generated from these accounts? Then there is also an influencer measurement that is a bit more challenging. You may not be able to measure/document specific program, but there is impact from these programs.
- Again, I want to emphasize this point one more time. Once you’ve established your target account list, it is important that you keep it front of mind for the organization. You want to make sure that you continue to optimize and coordinate across teams to reinforce this list. We’ve seen cases where the list starts to spiral out of control with reps that are either too diligent about adding accounts; or conversely, reps that are undisciplined about monitoring their accounts. Make sure that everyone stays engaged and understands the process. Chris: Difference between the intelligence list (thousands) and the advertising list (much more diligence about the advertising one since this one costs) – in a given time, you might be hyper-focused on a smaller subset of accounts, rather than the ”full” list
- So let’s end with a few takeaways from today.
- Start with what you’re trying to do/accomplish. Every successful strategy starts with clear business objectives. Don’t over complicate things when you get started. Keep it simple. This doesn’t have to be perfect right out of the gate. Prove that it works – this is about measuring and adjusting against your business objectives. As marketers we are used to trial, test and optimize. Similar thing here – review your list, revise it and expand when it makes sense. And remember that it is iterative in nature. Chris: go back to being opportunistic, staying focused, and being persistent.
- Fantastic. Now we’re going to open it up to Q&A. As a reminder, you can still enter your questions in the Q&A tab on the left side of your screen. We have an attendee who would like to know… Seed questions 1. Phil - What account identification technology do you suggest using? 2. Chris - Do you typically go through the entire process for list refresh again, or just the marketing team? 3. Chris - How long did it take for you to go through this entire process?
- Fantastic. Well it looks like we just about out of time. Just a reminder that you can still register for the rest of this week’s webinars. We have great content and speakers lined up and we hope you can join us. Don’t forget to follow us on Twitter at @Demandbase and join the conversation using the #ABMwebseries hashtag. Thank you so much to Chris for speaking, and thank you to our audience for joining us. On behalf of Demandbase, have a great rest of your day.